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G20 says boosting growth a priority
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‘Global IT outsourcing market to reach $288 bn’
Investor guidance
Detroit bankruptcy challenged in court
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G20 says boosting growth a priority
Moscow, July 20 “We agreed that our near-term priority is to boost jobs and growth,” said the final communique from their meeting in Moscow. The ministers said they agreed that the global economic recovery needed to be stronger and more stable. “The global economy remains too weak and
and its recovery is still fragile and uneven,” said the communique. Several big nations ahead of the meeting had called for clarity after the US Federal Reserve said it could begin cutting its quantitative easing programme, which injects some $85 billion a month into the economy via bond purchases, later this year and end the programme by mid-2014. But the statement vowed that any such changes would be made carefully and would be clearly communicated. “Future changes to monetary policy settings will continue to be carefully calibrated and clearly communicated.” The statement said jobs could be boosted by further reducing financial market fragmentation, continuing monetary support where needed, rebalancing global demand, and taking measures to support growth. Key G20 members, including the United States, had made clear ahead of the meeting that the fight against unemployment should be at the centre of the agenda although other states, like Germany, are known for wanting to keep a strict eye on fiscal discipline. The G20 said they had fully approved the action plan delivered earlier in the two-day meeting by the OECD to clamp down on tax avoidance. “We fully endorse the ambitious and comprehensive action plan submitted at the request of the G20 by OECD aimed at addressing profit erosion and profit shifting. We encourage all interested countries to participate.” However the communique stopped short of giving a deadline for the action plan to be implemented. The OECD had previously said the plan could be implemented by the next year.
— AFP No job extension for RBI chief Reserve Bank of India (RBI) Governor Duvvuri Subbarao on Saturday said he had not yet been offered to stay on in his job after his five-year term comes to an end in September. “No offer has been made so far, so there is no question of accepting so far. It is a hypothetical question. As I said before, I must move on,” Subbarao said on the sidelines of a meeting of the world's financial leaders in Moscow. Speculation that he would get another extension has increased recently, as some believe that the government would prefer to make no changes until the General Elections in May. — Reuters
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‘Global IT outsourcing market to reach $288 bn’
New Delhi, July 20 “We continue to see overall market growth being constrained by near-term market factors, such as evolving ITO delivery models, economic, political and labour conditions, and service provider financial performance,” said Gartner Research vice-president Bryan Britz. Gartner’s forecast includes slight upward revisions for both custom application outsourcing and infrastructure utility services for 2014 through 2017. Although software as a service (SaaS) impacts the ITO market, it is forecast as part of the software market rather than as part of the ITO market. According to Gartner, the exchange rates remain a significant factor in analysing growth in any single currency. “Mature Asia-Pacific and Western Europe are the regions where the outlook is most tempered, partly due to currency but also reflective of our view that 2013 is likely to be similar to 2012 in these regions,” Britz said. Gartner said accelerated buyer plans related to bring your own device (BYOD), and reduced enterprise support requirements for end-user devices produce a more tempered outlook for end-user outsourcing than in the past quarters. Outsourced support for mobile end user devices will see strong growth through 2017 due to increased enterprise adoption of mobile devices, including smartphones, tablets and other hand-held devices. ITO markets in emerging Asia/Pacific, Latin America and Greater China will all grow more than 13% in 2013 and 2014. “Planned new adoption of ITO remains positive in all service line segments. However, constrained IT budgets, an evolving ITO delivery model, economic conditions and cost-focused buyers are limiting the growth potential of the ITO market,” Britz added.
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Demat account needed to buy ETFs
A.N. Shanbhag Recently, I have read about exchange traded funds (ETFs). Where and how can one buy these ETFs? — Sanial The exchange traded funds are mutual funds that can be bought and sold on the stock exchange. The units will be held in the demat form. For this, you need a demat account and registration with a broker or sub-broker. Then, just the way one buys stocks, one can buy ETFs. They are of various kinds where the underlying could be the stock market index or the banking index or even an asset like gold. If I am the sole earning member of my family and I trade stocks on my wife's name, then will the income resulting from this trading be clubbed with my income for the taxation purpose; or will it be treated separately as her income? — Upadhay Since you are the sole earning member of your family, any income that you may earn from trading stocks in your wife's name has originated from you. According to Section 64, the income resulting from trading in your wife's name will indeed be clubbed in your hands for the taxation purpose. I became 60 years old in May 2013, but my employer has extended my services for another year, till May, 2014. Will I get EPF benefits like contribution from my side and employer side? Is it mandatory to withdraw my PF balance after my retirement? Since PF is paying tax-free interest, can I continue to keep balance with EPFO and if so for how long can I do so? — Hardik You can contribute to your PF as long as you are in service. You age has nothing to do with your right for contribution. Does the interest continue to remain tax-free after the employee retires and does not claim his provident fund for say 2 to 3 years? If one goes strictly according to the drafted provisions, it appears that this interest is tax free since the amount becomes payable only when the ex-employee asks for it. However, in the case of ONGC Ltd. 2005 4 SOT 333, 98 TTJ 1111 it was held that the firm was liable to deduct tax at source under Section 194A in respect of credits that it had made to the PF accounts of members who had ceased to be employees of ONGC.
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Detroit bankruptcy challenged in court
Detroit, July 20 A county judge ordered that the proceedings be halted because it violates the US state’s constitution, but it’s not clear how much weight that would carry in the federal bankruptcy court. The order was immediately appealed by the attorney general of Michigan on Friday. Saddled with more than $18 billion in debt and a shrunken tax base, the birthplace of the US auto industry has been so strapped for cash it can’t even keep the streetlights on. “Now is the opportunity to stop 60 years of decline,” Governor Rick Snyder said at a news conference a day after approving the biggest municipal bankruptcy in American history. “We will come out with a stronger, better Detroit and a format to grow this city. The citizens of not just this city but the state deserve it.” The bankruptcy is expected to make it harder for municipalities in Michigan and other US states to borrow money, by undermining confidence in what used to be among the most trusted bonds available. Snyder insisted there was no other "viable" option because the city is "broke," with 38 per cent of its budget spent on debt and pension obligations. — AFP
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Recently, I have read about exchange traded funds (ETFs). Where and how can one buy these
ETFs? — Sanial
